Ninety-five million would have been plenty for most people, but it was not enough for Trump, a tycoon with $900 million in debt nearing maturity who also happened to be in the midst of a presidential campaign.įortunately, Roth, who had been Trump’s business partner for more than a dozen years, was there to help. It was June 2020, and the president had an estimated $95 million on hand, only $65 million of which he could freely access and $30 million of which was under Steven Roth’s control. Trump also refinanced $125 million of debt against a Miami golf resort and reworked a $100 million mortgage at Trump Tower.ĭonald Trump needed cash. The former president sold his money-losing hotel in Washington, D.C., to an investment shop connected to former Major League Baseball star Alex Rodriguez and retired boxing champion Floyd Mayweather, thanks to help from a firm tied to computer billionaire Michael Dell. Two of its most troublesome Deutsche Bank loans, totaling $295 million, are now off the books. In the last 15 months, the Trump Organization-under indictment, with its founder characterizing the charges as part of a “political Witch Hunt by the Radical Left Democrats”-has managed to rework almost all $900 million of the debt it had coming due. Those predictions turned out to be dead wrong. The buyers hope the new Waldorf Astoria brand will attract patrons of all political stripes. Money Pit: The Trump International Hotel in Washington hemorrhaged cash and regularly needed bailouts.
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